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Baldwin completes $100 million acquisition of Hippo's homebuilder distribution network
Hippo Holdings Inc. Common Stock +0.97%
The Baldwin Insurance Group, Inc. - Class A Common Stock -2.50%
Dow Jones Industrial Average -0.38%
S&P 500 index -0.09%
NASDAQ +0.13%
Hippo Holdings Inc. Common Stock HIPO | 30.28 | +0.97% |
The Baldwin Insurance Group, Inc. - Class A Common Stock BWIN | 22.21 | -2.50% |
Dow Jones Industrial Average DJI | 47560.29 | -0.38% |
S&P 500 index SPX | 6840.51 | -0.09% |
NASDAQ IXIC | 23576.49 | +0.13% |
By Isha Marathe
July 2 - (The Insurer) - The Baldwin Group's indirect subsidiary, Westwood Insurance Agency, has completed the$100 million acquisition of a homebuilder distribution network from Hippo Holdings.
As previously reported, Westwood Insurance Agency had agreed in June to buy Hippo’s homebuilder distribution network, which generated revenues of around $29.2 million and is expected to deliver approximately $7 million of adjusted EBITDA over the 12 months following close.
Separately, Millennial Specialty Insurance (MSI), Baldwin Group's MGA, entered a program administrator agreement and a claims administration agreement with an affiliate of Hippo on a new homebuilder program.
